Intel launches $100m car technology fund
Intel Capital is launching a $100m investment fund that will finance companies developing technology used in cars, such as in-car entertainment and navigation systems.
The move by the investment arm of Intel is an attempt by the PC chipmaker to ensure that its technology is adopted by carmakers, as the market for traditional PCs gradually declines. Intel’s x86 chips have dominated the consumer industry but have failed to make substantial inroads into mobile phones and tablet computers. Intel is looking to ensure that it does not suffer a similar fate with cars.
“The car is the ultimate mobile device,” said Staci Palmer, general manager of Intel’s automotive solutions division. “By 2014, automobiles will be among the top three fastest-growing areas for connected devices and internet content.” Intel has announced agreements with BMW, Hyundai, Toyota, Kia and several Chinese car manufacturers, aimed at getting its technology into cars. The company is also establishing a product development centre in Karlsruhe, Germany that will focus on this field. The company expects to employ about 60 people at the centre.
